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EUR/USD: Recent Fall From 1.3400 Seen as Corrective

EUR/USD is deemed to be in the midst of a corrective phase off the recent 1.3400 high. A sustained break back under 1.3190 (02/08/2013 low) is required to dampen our expectations of an eventual return to the August high and then onto 1.3417 (19/06/2013 high).

If a retest, or break over, 1.3417 can be achieved, the region between this key high and the annual high is expected to see a fair degree of resistance and is likely to offer a reasonable short entry opportunity.

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